Metal Bank's (ASX:MBK) Saudi Arabian joint venture company, Consolidated Mining Company, won the sixth round license application for the Wadi Al Junah project, according to a Wednesday filing with the Australian bourse.
A geological summary and exploration strategy for the project is in progress, the filing said.
The company owns 60% of Consolidated Mining Company, while Central Mining Holding Company holds the remaining 40%.
Metal Bank shares rose nearly 12% in afternoon trade.
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